By Ayomide Otitoju
FirstBank, one of West Africa’s foremost financial institutions and a pioneer in financial inclusion, has announced the successful integration of the Pan-African Payment and Settlement System (PAPSS) into its flagship digital banking platform, the LIT app. The development allows customers to make instant, secure, and local currency-based cross-border payments across the African continent.
PAPSS, an initiative of the African Export-Import Bank (Afreximbank) in partnership with the African Union (AU) and the African Continental Free Trade Area (AfCFTA) Secretariat, facilitates instant and low-cost payments in local currencies among African nations.
Commenting on the milestone, Chuma Ezirim, Group Executive, e-Business and Retail Products at FirstBank, said the integration underscores the bank’s commitment to innovation and customer satisfaction.
“The integration of PAPSS into the LIT app is a testament to FirstBank’s dedication to delivering innovative, customer-centric solutions that simplify and enhance financial transactions. This milestone aligns with our strategic goal of deepening digital capabilities and expanding access to seamless cross-border payment services across Africa,” he stated.
In his remarks, Mike Ogbalu, CEO of PAPSS, highlighted the significance of the collaboration in driving intra-African trade and financial connectivity.
“Every time an individual, SME, or company sends money instantly within Africa in their own currency, we are not just moving funds — we are connecting ambitions and bridging dreams across borders. This collaboration with FirstBank and the LIT app brings us closer to making African borders invisible to money movement,” Ogbalu said.
The LIT app, FirstBank’s advanced digital banking platform, offers users features such as virtual cards, scheduled payments, and multiple transfers in a single transaction. With PAPSS now integrated, users can send and receive funds across African countries in local currencies—eliminating the need for dollar, euro, or pound conversions.
This development marks a significant step in enhancing trade, reducing transaction costs, and improving settlement efficiency across the continent. It also aligns with the objectives of the AfCFTA by promoting financial inclusion, empowering SMEs, and fostering intra-African commerce.
By integrating PAPSS into its LIT app, FirstBank continues to demonstrate leadership in digital banking innovation while driving Africa’s financial integration and economic growth.
